ROME, MAY 05 – The Bank of England has decided to raise interest rates again, bringing them from 0.75% to 1%, the highest level at 13 years. The decision was widely expected and is being explained by the UK Central Institute as a measure to counter the record rise in inflation in the UK. The central bank has raised its inflation estimates for 2022 and is seeing a peak of 10.25% from the 5.75% previously expected. The central bank also expects a contraction of the economy of around 1% in the fourth quarter and has cut its 2023 GDP estimates by expecting a contraction of 0.25% against a 1.25% growth of previous estimates. (HANDLE).